Oil prices dropped for the second session in a row.

Oil prices fell for the second consecutive trading session on August 15 amid concerns about China’s economic growth and demand from the world’s largest oil importer. In addition, the head of the world’s largest oil export company, Saudi Aramco, said that they  are ready to increase production, writes Reuters. Brent crude futures fell 0.9% to $97.26 a barrel after falling 1.5% on August 12. West Texas Intermediate crude was trading at $91.27 a barrel, down 0.9%, after falling 2.4% in the previous session. The head of Saudi Aramco, Amin Nasser, said on August 14 that the company is ready to increase crude oil production to its maximum capacity of 12 million barrels per day if the Saudi Arabian government asks for it. He added that China’s easing of restrictions related to COVID-19 and an uptick in the aviation industry could boost oil demand.